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Fair Value Measurements (Tables)
9 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Fair Value of Assets Measured on Recurring Basis
The following tables present the balance of assets and liabilities measured at fair value on a recurring basis.

 June 30, 2020
 Level 1Level 2Level 3Total
 (In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities$—  $669,905  $—  $669,905  
Municipal bonds—  38,041  —  38,041  
Corporate debt securities—  322,000  —  322,000  
Mortgage-backed securities
Agency pass-through certificates—  1,034,014  —  1,034,014  
Total available-for-sale securities—  2,063,960  —  2,063,960  
Client swap program hedges—  47,972  —  47,972  
Total financial assets$—  $2,111,932  $—  $2,111,932  
Financial Liabilities
Client swap program hedges$—  $47,972  $—  $47,972  
Commercial loan fair value hedges—  9,090  —  9,090  
Mortgage loan fair value hedges—  17,605  —  17,605  
Borrowings cash flow hedges—  25,235  —  25,235  
Total financial liabilities$—  $99,902  $—  $99,902  

 September 30, 2019
 Level 1Level 2Level 3Total
 (In thousands)
Financial Assets
Available-for-sale securities:
U.S. government and agency securities$—  $270,778  $—  $270,778  
Municipal bonds—  22,642  —  22,642  
Corporate debt securities—  209,763  —  209,763  
Mortgage-backed securities
Agency pass-through certificates—  982,559  —  982,559  
Total available-for-sale securities—  1,485,742  —  1,485,742  
Client swap program hedges—  20,381  —  20,381  
Mortgage loan fair value hedges—  1,608  —  1,608  
Total financial assets$—  $1,507,731  $—  $1,507,731  
Financial Liabilities
Client swap program hedges$—  $20,381  $—  $20,381  
Commercial loan fair value hedges—  4,288  —  4,288  
Borrowings cash flow hedges—  7,877  —  7,877  
Total financial liabilities$—  $32,546  $—  $32,546  
Fair Value of Assets Measured on Nonrecurring Basis
The following tables present the aggregated balance of assets that were measured at fair value on a nonrecurring basis at June 30, 2020 and June 30, 2019, and the total gains (losses) resulting from those fair value adjustments during the respective periods. The estimated fair value measurements are shown gross of estimated selling costs.
 
 June 30, 2020Three Months Ended June 30, 2020Nine Months Ended June 30, 2020
 Level 1Level  2Level  3TotalTotal Gains (Losses)
 (In thousands)(In thousands)
Loans (1)$—  $—  $2,277  $2,277  $(3,260) $(3,805) 
Real estate owned (2)—  —  3,882  3,882  (284) (141) 
Balance at end of period$—  $—  $6,159  $6,159  $(3,544) $(3,946) 

(1)The gains (losses) represent re-measurements of collateral-dependent loans.
(2)The gains (losses) represent re-measurements of REO.

June 30, 2019Three Months Ended June 30, 2019Nine Months Ended June 30, 2019
Level 1Level  2Level  3TotalTotal Gains (Losses)
(In thousands)(In thousands)
Impaired loans (1)$—  $—  $6,007  $6,007  $(4,383) $(5,619) 
Real estate owned (2)—  —  3,084  3,084  (5) 394  
Balance at end of period$—  $—  $9,091  $9,091  $(4,388) $(5,225) 

(1)The gains (losses) represent re-measurements of collateral-dependent loans.
(2)The gains (losses) represent re-measurements of REO.
Fair Value of Financial Instruments by Balance Sheet Grouping Although management is not aware of any factors that would materially affect the estimated fair value amounts presented below, such amounts have not been comprehensively revalued for purposes of these financial statements since the dates shown, and therefore, estimates of fair value subsequent to those dates may differ significantly from the amounts presented below. 
 June 30, 2020September 30, 2019
 Level in Fair Value HierarchyCarrying
Amount
Estimated
Fair Value
Carrying
Amount
Estimated
Fair Value
 ($ in thousands)
Financial assets
Cash and cash equivalents1$1,218,240  $1,218,240  $419,158  $419,158  
Available-for-sale securities
U.S. government and agency securities2669,905  669,905  270,778  270,778  
Municipal bonds238,041  38,041  22,642  22,642  
Corporate debt securities2322,000  322,000  209,763  209,763  
Mortgage-backed securities
Agency pass-through certificates21,034,014  1,034,014  982,559  982,559  
Total available-for-sale securities2,063,960  2,063,960  1,485,742  1,485,742  
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates2820,304  847,510  1,428,480  1,448,088  
                           Commercial MBS27,012  6,907  15,000  15,007  
Total held-to-maturity securities827,316  854,417  1,443,480  1,463,095  
Loans receivable312,733,426  13,318,026  11,930,575  12,617,600  
FHLB and FRB stock2145,990  145,990  123,990  123,990  
        Other assets - client swap program hedges247,972  47,972  20,381  20,381  
        Other assets - mortgage loan fair value hedges2—  —  1,608  1,608  
Financial liabilities
Time deposits24,209,146  4,200,715  4,906,963  4,937,847  
FHLB advances22,800,000  2,808,567  2,250,000  2,282,887  
        Other liabilities - client swap program hedges247,972  47,972  20,381  20,381  
Other liabilities - mortgage loan fair value hedges217,605  17,605  —  —  
Other liabilities - commercial loan fair value hedges29,090  9,090  4,288  4,288  
        Other liabilities - borrowings cash flow hedges225,235  25,235  7,877  7,877  
Reconciliation of Amortized Cost to Fair Value of Available-for-Sale and Held-to-Maturity Securities
The following tables provide details about the amortized cost and fair value of available-for-sale and held-to-maturity securities.
 June 30, 2020
 Amortized
Cost
Gross UnrealizedFair
Value
Yield
 GainsLosses
 ($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
5 to 10 years$59,799  $416  $(2,203) $58,012  1.26 %
Over 10 years616,095  74  (4,276) 611,893  1.18  
Corporate debt securities due
Within 1 year71,064  66  (63) 71,067  0.68  
1 to 5 years128,325  3,256  (849) 130,732  2.04  
5 to 10 years117,000  3,201  —  120,201  1.70  
Municipal bonds due
1 to 5 years1,453  41  —  1,494  —  
Over 10 years36,066  534  (53) 36,547  5.40  
Mortgage-backed securities
Agency pass-through certificates992,612  42,125  (723) 1,034,014  2.96  
2,022,414  49,713  (8,167) 2,063,960  2.20  
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates820,304  27,206  —  847,510  3.16  
Commercial MBS7,012  —  (105) 6,907  1.06  
827,316  27,206  (105) 854,417  3.14  
$2,849,730  $76,919  $(8,272) $2,918,377  2.47 %
 
 September 30, 2019
 Amortized
Cost
Gross UnrealizedFair
Value
Yield
 GainsLosses
 ($ in thousands)
Available-for-sale securities
U.S. government and agency securities due
5 to 10 years$65,287  $39  $(629) $64,697  2.43 %
Over 10 years207,067   (987) 206,081  3.02  
Corporate debt securities due
Within 1 year43,903  411  —  44,314  3.65  
1 to 5 years70,000  689  (50) 70,639  3.29  
5 to 10 years92,931  1,879  —  94,810  3.27  
Municipal bonds due
1 to 5 years1,430  14  —  1,444  1.94  
Over 10 years20,303  895  —  21,198  6.45  
Mortgage-backed securities
Agency pass-through certificates957,150  26,533  (1,124) 982,559  3.29  
1,458,071  30,461  (2,790) 1,485,742  3.27  
Held-to-maturity securities
Mortgage-backed securities
Agency pass-through certificates1,428,480  19,945  (337) 1,448,088  3.15  
Commercial MBS15,000   —  15,007  2.89  
1,443,480  19,952  (337) 1,463,095  3.15  
$2,901,551  $50,413  $(3,127) $2,948,837  3.21 %
Schedule of Unrealized Losses and Fair Value of Securities
The following tables show the gross unrealized losses and fair value of securities as of June 30, 2020 and September 30, 2019, by length of time that individual securities in each category have been in a continuous loss position. There were 51 and 41 securities with an unrealized loss as of June 30, 2020 and September 30, 2019, respectively. The decline in fair value since purchase is attributable to changes in interest rates. Because the Company does not intend to sell these securities and does not consider it more likely than not that it will be required to sell these securities before the recovery of amortized cost basis, which may be upon maturity, the Company does not consider these investments to be other-than-temporarily impaired.
 
June 30, 2020Less than 12 months12 months or moreTotal
 Unrealized
Gross Losses
Fair
Value
Unrealized
Gross Losses
Fair
Value
Unrealized
Gross Losses
Fair
Value
 (In thousands)
Available-for-sale securities
Corporate debt securities$(200) $71,304  $(712) $49,288  $(912) $120,592  
Municipal bonds(53) 9,905  —  —  (53) 9,905  
U.S. government and agency securities(2,647) 276,942  (3,832) 160,648  (6,479) 437,590  
Mortgage-backed securities(145) 49,214  (578) 103,179  (723) 152,393  
(3,045) 407,365  (5,122) 313,115  (8,167) 720,480  
Held-to-maturity securities
Mortgage-backed securities(105) 6,907  —  —  (105) 6,907  
$(3,150) $414,272  $(5,122) $313,115  $(8,272) $727,387  

September 30, 2019Less than 12 months12 months or moreTotal
 Unrealized
Gross Losses
Fair
Value
Unrealized
Gross Losses
Fair
Value
Unrealized
Gross Losses
Fair
Value
 (In thousands)
Available-for-sale securities
Corporate debt securities$—  $—  $(50) $24,950  $(50) $24,950  
U.S. government and agency securities(656) 152,715  (960) 77,391  (1,616) 230,106  
Mortgage-backed securities(148) 87,895  (976) 155,620  (1,124) 243,515  
(804) 240,610  (1,986) 257,961  (2,790) 498,571  
Held-to-maturity securities
Mortgage-backed securities—  —  (337) 115,182  (337) 115,182  
$(804) $240,610  $(2,323) $373,143  $(3,127) $613,753